Global wireless motor monitoring system market to grow at a CAGR of 6.38% during the period 2018-2022.

One trend in the market is emergence of cloud-based motor condition monitoring system. Condition-based maintenance involves a procedure in which maintenance is performed to determine whether the equipment is prone to failure or its efficiency will decrease. Technologies such as vibration analysis, motor current signature, ultrasound, and oil analysis help assess machinery health and predict future failures using condition-based monitoring.

According to the report, one driver in the market is increasing need for predictive maintenance. In the current industrial environment, maintenance does much more than merely avoid downtime of individual assets. Machines are extensively interconnected along the production chain. One failing machine might pause the whole production process. In industries, poor maintenance strategies can decrease the overall productive capacity of a plant. Long and constant runtimes of capital-intensive, highly-integrated assets or machines can lead to substantial competitive advantage. Predictive maintenance attempts to avert failures by maintaining equipment at pre-scheduled time intervals. This tactic is usually adopted when the cost of maintenance is modest and can be carried out outside production hours.